Hassan Maishera
On Thursday, the Solana team announced via X that Korean fintech giant KSNET is bringing payments on Solana to its network of 330,000+ merchants.
As part of an MOU with Solana Foundation, KSNET will integrate Solana Pay into a payment network processing $4B in monthly volume. Through this agreement, the two companies agreed to sequentially promote two key proof-of-concept (PoC) projects, including demonstrating the linkage of "Solana Pay" and discovering an AI payment model based on "x402."
First of all, the two companies will start demonstrating Solana Pay linkage optimized for the domestic payment environment. The key is to link the standard standards of Solana Pay with the online and offline merchant payment network that KSNet has accumulated over the past 26 years.
In particular, it plans to come up with a system to strictly reflect domestic anti-money laundering (AML) requirements to block the inflow of abnormal funds.
Based on the results of this technology verification in the future, the two companies plan to gradually demonstrate a commercialization model suitable for the domestic financial market.
Solana is an integrated, open-source blockchain that synchronizes global information at the speed of light. The network is focused on fast transactions and high throughput to encourage mass consumer adoption of blockchain technology.
Solana is a highly functional open-source project that banks on blockchain technology’s permissionless nature to provide decentralized finance (DeFi) solutions. While the idea and initial work on the project began in 2017, Solana was officially launched in March 2020 by the Solana Foundation with headquarters in Geneva, Switzerland.
The Solana protocol is designed to facilitate decentralized app (DApp) creation. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain.
Because of the innovative hybrid consensus model, Solana enjoys interest from small-time traders and institutional traders alike. A significant focus for the Solana Foundation is to make decentralized finance accessible on a larger scale.
SOL is down 0.04% in the last 24 hours and trades at $73.60.
